GBPCHF Down 4 Pips On Hourly Chart, Moves Up For the 3rd Consecutive Day; Price Base in Formation Over Past 30 Days

Hourly Update

(Last Updated May 31, 2021 2:21 GMT)

Currently, GBPCHF’s rate is down -4 pips (-0.03%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved up. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 100 hour timeframe. Price action traders may also wish to note that we see a doji candlestick pattern on GBPCHF. Given that we see an uptrend on the 20 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. The moving averages on the hourly timeframe suggest a choppiness in price, as the 20, 50, 100 and 200 are all in a mixed alignment — meaning the trend across timeframes is inconsistent, indicating a potential opportunity for rangebound traders.

GBPCHF End of Day Recap

Updated 00:30 GMT (04:30 EST)

GBPCHF is up 20 pips (0.16%) since the previous day (opening today near 1.276044886), marking the 3rd consecutive day an increase has occurred. Relative to other instruments in the Forex asset class, GBPCHF ranked 12th the previous day in terms of percentage price change. Here is a price chart of GBPCHF.

GBPCHF

GBPCHF Technical Analysis

Coming into today the current price of GBPCHF is sitting close to its 20, 50 and 100 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. As for the alignment of the moving averages, well, it’s a bit mixed up; the 20, 50, 100, and 200 do not progress from largest to smallest, or vice versa. The closest is the 50 day average, which is 1.6 pips away. Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving up. Also of note is that on a 30 day basis price appears to be forming a base — which could the stage for it being a support/resistance level going forward. For additional context, note that price has gone up 5 out of the past 10 days.

The View From Around the Web

Not much in terms quality buy/sell signals we’re seeing for GBPCHF; just 1 sell signals and 1 buy signals. This imputes a buy/sell ratio of 1, which is neutral. As for the rationale, technical traders seem to be citing the appearance of head and shoulders technical patterns. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

PRICE FORM inverted head and shoulder and price is currently playing out and it i expect further move to the upside and target at the QML level